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Beacon

PBAPPGIM S&P 500 Buffer 20 ETF - April

Stay safeGrow my money2y track recordRanked #182 of 340 in this goal

Seeks to match the price return of the SPDR S&P 500 ETF Trust with a cap and a 20% downside buffer over a one-year period.

By PGIM · Launched 2024

Annual Cost

0.50%

#2,576 of 5,562 · average

Fund Size

$32M

#4,002 of 5,562 · small

Dividend YieldGoal

0.00%

Track Record

2 years

#3,509 of 5,562 · seasoned

Performance

Total-return NAV · USD
Growth of $10,000
$11,312+13.1%

Total-return NAV, USD. Net of fund fees, before tax.

Classification

How Beacon categorizes this fund

Asset class

Alternative

Region

North america

Strategy

Structured outcome

Index tracked

S&P 500 Index

What it actually holds

By weight

Concentration

Top 10 holdings = 112.6% of fundconcentrated

X-CHANGE FINANCIAL ACCESS LLCSPY 3 C5.59
109.9%
X-CHANGE FINANCIAL ACCESS LLCSPY 3 C5.59
1.7%
(PIPA070) PGIM Core Government Money Market Fund
0.5%
OLD MISSION MARKETS LLCSPY 3 C5.59
0.3%
X-CHANGE FINANCIAL ACCESS LLCSPY 3 P559.39
0.2%
OLD MISSION MARKETS LLCSPY 3 P559.39
0.0%
OLD MISSION MARKETS LLCSPY 3 P447.51
-0.0%
X-CHANGE FINANCIAL ACCESS LLCSPY 3 P447.51
-0.0%
OLD MISSION MARKETS LLCSPY 3 C620.98
-0.0%
X-CHANGE FINANCIAL ACCESS LLCSPY 3 P447.51
-0.1%

Asset allocation

Stocks
99.0%
Cash
1.0%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
3.2%Low

Year-on-year price swings

Max drawdown
-9.7%Mild

Worst peak-to-trough loss

Sharpe (3Y)
Unavailable

Needs 3+ years of history

Sortino (3Y)
Not yet

Needs 3+ years of history

Where to buy

Listing

Exchange
Cboe BZX

Full fund details

Objective
Seeks to match the price return of the SPDR S&P 500 ETF Trust with a cap and a 20% downside buffer over a one-year period.
Strategy
Invests primarily in FLEX Options on the SPDR S&P 500 ETF Trust to provide capped upside participation and downside protection. The strategy is designed for investors holding shares throughout the entire Target Outcome Period.
Inception date
March 28, 2024
Fund family
PGIM

Our take

Structural notes on how this fund behaves. Read our guide on the 6 warning signs.

Buffer
Warning

Buffer ETF — downside protection at a cost

Defined-outcome funds cap upside (typically 8–20%) in exchange for partial downside protection (9–30%), priced via options. Fees are materially higher than the underlying index (often 0.70%+ vs 0.03–0.10%). For most pre-retirees, a simple stock/bond mix achieves similar downside behaviour at a fraction of the cost.

Source: Morningstar, 'Defined-Outcome ETFs: Useful or Uneconomic?' (2023)

Why we flagged this: strategy=structured_outcome + structured_outcome_strategy

Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More

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Data updated on 2026-06-19